The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-03-27
MEMPHIS DAILY APPEAL SUNDAY, MARCH 27, 1857

I the total for the preceding year was
about 5000. The whites are increas
ing in the city more rapidly than the
blacks, because the rise in rents
drives the latter class to the suburbs
and the plantations. The most CON
spicuous industry is, of course, the
handling of cotton. A million bales
are raised every year within a radius
of 100 miles. The receipts at Mem
phis this cotton year to date-that il.
since September lst-foot up 613, 522
bales, against 406,359 in the cor
responding period OF the preceding
year. The shipments we're 521 ,639,
against 1855, 25l in the same periods.
The estimated receipts for the entire
season of 1861 gre 100000 bales,
against 5i5,566 the preceding year !;
an increase of 154, 434. The estimated
value of the receipts this season is
S31 500, 900, against S23 ,623 ,007, an
increase of s., S76,993. Memphis
is the fourth city of the country in
receipts and shipments Of cotton so
far as current statistics show, but in
the amount actually bought and sold
it is said to be secOnd-that is next
to New Orleans. Its customary in
reporting receipts and shipments o
give all cotton that is transshipped
at any point, whether there is any
actual transaction or not. Thus it is
not easy always to determine the
actual trade in the commodity, but
the Memphis people think. that in
that respect they rank second. The
cotton seed oil industry is of leading
importance. There are more cotton
oil mills in Memphis than in any
other town in the world, the number
being eleven. But more about this
in another letter.
The increase in receipts and shin
ments of cotton marks progress, and
so do the local bank cleariugs. The
exchanges for the six months ending
with February of this year amounted
to $50 DOC, 900, against 81 100000 for
the corresponding period ending in
1886. This Is a gain of 81 per cent,
which is much greater than
the average for the whole
country. The city can
make a creditable showing as a
center of capital. The $1,000, 900 of
bank capital does not adequately
represent the situation, Some of the
most important enterprises in other
parts OF the South have been backed
by Memphis funds. The famous
Pratt iron deposits at Birmingham,
Ala, We're bought some five years
ago by Memphis men for 81 100000,
and the concern was afterwards CON
solidated with others and capitalized
at $4,000, 900. The Memphis men
have made enormous sums of money
out of the scheme, and some of them
are still in it. This city is the home
Of Napoleon Hill, known Us the
Cotton King, who is director in
pretty much every incorporated body
in the city. The Cotton Exchange,
the Merchants Exchange, and other
business structures are of type in
dicating progress and would do
credit to any city in the country.
The real estate boom OF the South
has not struck Memphis, and yet the
transfers from September |, 1886, to |
March |, 1887, amounted to 81 400
600, against 500, 900 from September
l, 1885, to March l, 1856. There is
comparatively little movement in cen
trail property, the trade being mainly
in acres and suburban lots. Two |
hundred acres have just been sold five |
miles east Of the city at $500 per acre. |
In 1860 this property was worth $3.50 |
per acre, but since that time it has
dropped to 800. The recent pur-
chase was made by a syndicate who
are getting control of 1000 acres to
be used for parks aud railroad pur-
poses. A tract of six acres that |
could have been had two years ago |
for $4,000 recently changed hands for |
$4,000. A farm which cost, five
years ago, some $27 600 has now $l6S,-
900 bid. 1t will be seen by these
items that there has been an advance
of several hundred per cent. in out
side property, but it has not occurred
in few weeks, as in other parts of
the South. Frontage on the princi-
pal business streets ranges from $500
to $500 a foot. Business houses
complain that they have not enough
room and are obliged to store goods
all over town. 1t would seem, there
fore, that there must soon be some
building in the heart of the city.
Street car lines have been considera-
bly, extended Of late and the streets
are quite brilliantly illuminated by
electric light. The Memphians live
in the hope of a bridge across the
mile or two below the
city. c. b. Il.